Buhari Directs Finance Ministry To Sell All Recovered Assets

President Muhammadu Buhari has directed the Ministry of Finance to sell every recovered and liability-free assets in six months.

Minister of Budget and National Planning, Udoma Udo Udoma revealed the directive while briefing the House of Representatives joint committee on finance, appropriation, planning and economic development.

According to Udoma, the federal government is making the move to increase its revenue generation in the country in 2019.

He also said the President has directed that work should be concluded on the deployment of National Trade Window to enhance customs collections efficiency from the current 64% to up to 90% over the next few years.

These items include the N710 billion from Oil Joint Venture Asset restructuring and N320 billion from the revision of the Oil Production Sharing Contract legislation/terms, which have now been rolled over to 2019.

“The Ministry of Finance, working with all the relevant authorities, has been authorized to take action to liquidate all recovered, unencumbered assets within six months,” he said.

“The Department of Petroleum Resources has been directed to, within three months, complete the collection of past-due oil license and royalty charges, including those due from Nigerian Petroleum Development Company (NPDC) (a subsidiary of NNPC), which it had agreed to pay since 2017.” he added.

“Mr. President has directed the NNPC to take all possible measures to achieve the targeted oil production of 2.3 million barrels per day.”

Leave a Comment